Alitalia–Società Aerea Italiana SpA: filing of a petition for the admission to the extraordinary administration proceedings

Alitalia presenta petición de admisión a procedimiento de administración extraordinaria

mayo 3, 2017

Alitalia’s shareholders meeting, convened, noted with deep regret the outcome of the referendum among the employees. The negative vote has determined the inability to implement the relaunch and restructuring of the Company.

Italian shareholders and Etihad, based on the strong potential growth of the company, and on an industrial plan which included a structural cost reduction of which two thirds were not related to labor costs, were committed to recapitalise and finance the plan with EUR 2 billion.

This commitment was subject to an agreement with the trade unions, which was rejected by the employees in a referendum.

The Board of Directors, which convened after the shareholders meeting, having acknowledged the serious economic and financial situation of the Company, of the unavailability of the shareholders to refinance, and of the impossibility to find in a short period of time an alternative, has decided unanimously to proceed with the filing for “amministrazione straordinaria” (extraordinary administration) in compliance with the Italian law.